Breaking Boundaries: The Crypto Valley Association's Web3 Banking Symposium

In the heart of Geneva, Switzerland, the Crypto Valley Association recently hosted the inaugural Web3 Banking Symposium, a convergence of minds from cryptocurrency and traditional banking worlds. This event was more than just a gathering; it underscored both industries’ commitment to fintech innovation, and blockchain’s transformative potential in shaping the future of finance.

Today, more customers of traditional banks are seeking crypto offerings. What seemed unlikely or impractical a few years ago is now widely accepted and anticipated. Events like this Symposium serve as vital opportunities for key industry leaders in crypto and banking to connect and collaborate.

Working together toward the future of finance

The symposium provided a comprehensive platform for industry stakeholders to explore the integration of blockchain technology into traditional financial systems. The panels went beyond visionary speeches; they delved deep into the practical aspects of this integration. Discussions covered a diverse array of topics, spanning from cryptocurrency custody and infrastructure solutions to risk management, KYC & AML protocols, and the trajectory of online payment mechanisms.

Seasoned professionals from both the cryptocurrency and traditional banking sectors shared their insights, illuminating both the transformative potential and the practical challenges associated with blockchain adoption in banking. This dynamic exchange highlighted the need to build a future where finance becomes more inclusive, efficient, and secure.

As an illustration of this synergy, St Galler Kantonalbank, a Swiss regional bank, demonstrated why they teamed up with a crypto-focused platform to diversify their offerings for different types of customers:

This representative case is a testament that we are at the beginning stage where banks are actively developing crypto features to meet customers’ growing needs.

YouHodler bridging the two worlds

Throughout the symposium, Ilya Volkov, CEO and Co-Founder of YouHodler, guided the discussions about innovative solutions and collaborative opportunities. His keynote presentation unveiled the synergy between traditional financial institutions and blockchain innovators, paving the way for the future of finance.

Volkov emphasized a crucial concept: there is no need to "reinvent the wheel" when venturing into crypto offerings. Instead, he pointed out that there are already plenty of solutions, underscoring the availability of numerous solutions from crypto-native companies. This approach highlights a practical and efficient strategy for traditional banks to embrace crypto services without starting from scratch. By leveraging existing solutions from established players in the crypto space, Volkov advocated for a streamlined and cost-effective pathway for traditional institutions to enter the crypto market.

‍Partnerships and announcements

One of the standout moments of the event was the announcement of the partnership between YouHodler and Lightspark to incorporate Universal Money Addresses (UMA) into our platform. This landmark integration promises to streamline online payments, making them faster, easier, and more secure for users. It's a clear indication of the industry's commitment to advancing financial technology and enhancing user experiences.

UMA represents a significant leap forward in internet-native payments, offering an open-source standard that merges human-readable Lightning addresses with real-time, global payment rails. This integration facilitates sending money to or from the YouHodler platform, whether fiat or crypto, as effortlessly as sending an email. It also leverages the Bitcoin Lightning Network for global settlement, ensuring near-instant, secure, and universally accessible payments in any currency of the user's choice.

Registration for early bird UMA access is now open on our website, where users can request their unique UMA addresses ahead of the full integration. In collaboration with Lightspark, we are committed to finalizing all technical configurations and releasing the full set of UMA functionalities by May 1, 2024, for all registered YouHodler customers.

In addition to this announcement, the YouHodler team showcased a wide range of B2B products for companies to elevate their services with our tested Web3 fintech solutions.

“Our two main objectives are:

Onboarding businesses to our B2B crypto services. We pay special attention to the needs of other industries, and our mission is to easily and safely share our products and knowledge with business partners in crypto and banking, including their retail and corporate clients. We are eager to support our enterprise clients with a variety of tailored offerings, such as white label solutions such as crypto loans, trading and on/off ramp widgets.

Organizing events to support the industry. We are actively working on extending our network as well as introducing a broader business audience to our industry. We are reaching out to more and more people who are thinking about applying blockchain and crypto to their businesses. The positive feedback we received at the Web3 Banking Symposium is proof that we are doing the right thing.” said Veljko Jelic, Chief Business Development Officer at YouHodler.

Most recently, we launched YouHodler Crypto Escrow, an innovative service that addresses the need for secure and efficient management of high-value transactions. This cutting-edge solution combines security and simplicity to streamline the cryptocurrency payment process. Whether for businesses or individuals, this service offers peace of mind by ensuring that assets are safeguarded by state-of-the-art security measures. With YouHodler Crypto Escrow, users can navigate complex transactions with confidence.

Conclusion

The 2024 Web3 Banking Symposium served as a testament to the collaborative spirit driving innovation in finance. Through insightful discussions, partnerships, and announcements, the event highlighted the transformative potential of blockchain technology in reshaping traditional finance. With visionary leaders like our own Ilya Volkov at the helm and groundbreaking partnerships like the one between YouHodler and Lightspark, the future of finance is indeed promising.

As the industry continues to evolve, the symposium is just one of various events illustrating how far we have come. The “hoodie days” are over, crypto has moved beyond a niche for geeks, and more reputable companies are diving into Web3 fintech innovation. YouHodler, together with our global partners, remains dedicated to forging a more inclusive, efficient, and secure financial ecosystem for all.

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